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Indicator analysis: Daily review of EUR/USD for January 7, 2022

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Trend analysis (Fig. 1).

The market may move up on Friday from the level of 1.1297 (closing of yesterday’s daily candle) to the upper fractal at 1.1346 (daily candle from 05/01/2022). After testing this level, the upward movement may continue to the target level of 1.1379, the 38.2% retracement level (blue dotted line).

Fig. 1 (daily chart)

Comprehensive analysis:

– Indicator analysis – down;

– Fibonacci levels – up;

– Volumes – up;

– Candlestick analysis – up;

– Trend analysis – up;

– Bollinger lines – up;

– Weekly chart – up.

General conclusion:

The price may move up from the level of 1.1297 (closing of yesterday’s daily candlestick) to the upper fractal at 1.1346 (the daily candlestick from 05/01/2022). After testing this level, the upward movement may continue to the target level of 1.1379, the 38.2% retracement level (blue dotted line).

Alternative scenario: from the level of 1.1297 (closing of yesterday’s daily candle), the price may move down to the lower fractal at 1.1272 (daily candle from 04/01/2022). After testing this level, the price may move up to the target level of 1.1314, the 21-day EMA (black thin line).

The material has been provided by InstaForex Company – www.instaforex.com

Gold has good prospects in the long-term

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